There are a lot of people saying that now is not a good time to be selling or buying real estate. The statistics say otherwise.
Looking back over the last year. . . in October of 2023 in the Vancouver, Washington and Clark County real estate market, 601 new listings came on the market. There were 433 properties pending (in the process of closing). And 445 sold properties that month. The average priced home sold for $595,600. The interest rate was 7.9% and the average home with a 30 year fixed mortgage had a monthly payment of $4329.
In April of 2024, just before the start of the main buying season, there were 831 new listings added. There were 606 homes pending. 530 homes sold that month with an average price of $601,900. The 30 year fixed interest rate was at 7.45%. The average monthly payment was $4188.
In September of 2024, just last month, as the market winds down to fall, 682 new listings came on. There were 593 homes pending last month and 495 properties closed. The 30 year fixed interest rate was at 6.11% and the average home sold for $608,200. The monthly payment came out to $3690.
Prices may be up but monthly payments are lower than a year ago and even six months ago. If you believe you should wait for prices to drop to save money, you would be better off buying now. Prices are not on average going down. You may be able to negotiate a better deal now because sold volume is lower in fall and winter, but that will be determined by the home you select and the talents of your Realtor.
If you were interested a year ago and held off, good for you.
As a seller you will now get a better price for your property. Property prices are on average up around $12,500. As a buyer you will be able to afford more than you could a year ago. The average monthly mortgage payment has dropped almost $640 or $7668 a year.
If you have been thinking you should wait, don’t. Your patience has been rewarded. The market is prime with buyers looking now that the budget is easier to manage. Smart buyers also know that in general fall and winter are the best shopping months and now is the time to start looking for the home you have been wanting.
To learn more or to see how the market will do for you, reach out today and let us show you how the Cano Real Estate team can help you with your goal. Hire an agent, get a team. And right now is the best time in the last year to do that.